China to invest $60 billion in African development

China’s president pledged $60 billion to development in Africa on Friday, as part of what Chinese and African leaders have called “win-win cooperation."

President Xi Jinping made the announcement to rousing applause from an audience that included South Africa’s President Jacob Zuma, Nigerian President Muhammadu Buhari, Kenyan President Uhuru Kenyatta and African Union Commission Chairwoman Nkosazana Dlamini-Zuma.

Speaking at the Forum on China Africa Cooperation in South Africa, Xi outlined 10 areas that will receive funding including infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students. The Chinese government will also cancel outstanding debts for Africa’s least developed countries in the form of zero interest loans that mature at the end of 2015, he said.